Market Research Report
Global Construction Outlook to 2024 (Q3 2020 Update)
|Published by||GlobalData||Product code||963039|
Delivery time: 1-2 business days
|Global Construction Outlook to 2024 (Q3 2020 Update)|
|Published: September 30, 2020||Content info:||
The Global construction industry remains under intense stress amid the COVID-19 crisis. Restrictions on economic activity and country-level lockdowns were widely eased during Q3 2020, and there have been indications that construction output has started to recover from the historic collapse recorded in Q2 2020.
There have also been a number of markets that appear to have weathered the COVID-19 crisis better than anticipated, notably the US and Germany. However, the devastating impact that the crisis is having on company earnings and household incomes will continue to constrain investment during the remainder of 2020 and through 2021. GlobalData currently expects global construction output to contract by 3.1% in 2020, and excluding China the decline in construction output will be 5.3%.
Global construction output is projected to grow by 4.1% in 2021, and excluding China the pace of output growth will be 3.0%. However, this is not necessarily a sign of strength and a healthy recovery; this positive outturn is more a reflection of the depths to which the construction industry slumped in the first two quarters of 2020. Assuming that governments do not again impose COVID-19 containment measures to the extremes of Q2 2020 and instead focus on targeted measures at a local level, in Q2 2021 there is likely to be a high jump in year-on-year growth given the low base period used for comparison, and this will mask the ongoing weakness in the global economy and the construction industry.
This report provides a detailed analysis of the prospects for the global construction industry up to 2024, including an assessment of the impact of COVID-19.